Game goes into administration

THE fortunes of Coleraine’s town centre was dealt another blow this week with the news that video games retailer Game has gone into administration.

The UK and Europe-wide company has a branch in Coleraine’s Church Street.

News emerged yesterday that the company - which has 600 stores in the UK - has gone into administration.

Administrators PwC said that, while they were hopeful that a sale of the business could be achieved, it would not stop the closure of many branches.

The group faced a £21 million rent bill for the upcoming quarter, while struggling with £180 million of debts.

A consortium led by state-backed Royal Bank of Scotland (RBS) is competing with the US video games retailer Gamestop and private equity firm OpCapita to buy a slimmed-down version of the group, according to a report in the Sunday Times.

The RBS-led group is expected to roll approximately £85 million of existing debt into the new company.

It is anticipated that PwC will honour any wages owed - £12 million worth of salaries is due at the end of the month.

Game’s demise follows a string of profit warnings, the latest of which prompted suppliers like Nintendo and Electronic Arts to refuse to provide new stock.

The news about Coleraine’s Game store represents another blow to the changing face of the town’s main retail area.

Just last month, Peacocks closed down in Church Street leaving the former Woolworths building empty once again.

A total of 13 members of staff - full and part time - lost their jobs as a result of the shock closure of Peacocks.

Last week too, stalwart town centre business Jamieson’s Jewellers closed down due to retirement.